Posted by: arnegrim | August 5, 2010

Obamacare impact on Medicare, Social Security…

Not good.

Unless you ask the Administration.

“A report on the financial condition of the Medicare and Social Security programs contends the Obama administration’s sweeping health care overhaul will extend the life of the Medicare hospital insurance fund by 12 years — an assertion that Medicare’s top numbers-cruncher disputed…”

“…The recession, however, has worsened the near-term outlook for the Social Security trust fund, the report said.

The trustees said the Social Security program is projected to pay out more in benefits than it collects in taxes for the first time this year and next year. The Social Security trust fund is expected to be exhausted in 2037, the same date as in last year’s report.

The report noted that achieving the health care savings needed to extend the life of the Medicare trust fund “may prove difficult and will probably require that payment and health care delivery systems be made more efficient than they are currently.” The trustees also said that their projections “should be interpreted cautiously.”

Richard Foster, Medicare’s chief actuary, said in a statement included in the report that the Medicare savings might not be realistic.

He said the projections were based on current law, which calls for payments to doctors to be cut by 23 percent this December and by acombined 30 percent over the next three years, an outcome that Foster called “an implausible result.””

Of course, with the Administrations penchant for using deceptive figures (such as the number of jobs saved/created by federal stimulus), anything that comes out talking of rosy needs to be looked at for thorns and aphids.


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